P.R. Laws tit. 18, § 1755
The Board of Directors shall have the following obligations:
(a) To be responsible for the cooperative’s management.
(b) To establish the guidelines for the cooperative’s functioning.
(c) To consider and approve admission requests and voluntary retirement and separation.
(d) To insure that the person handling the cooperative’s money is covered by a trust bond.
(e) To keep the cooperative’s books and registers in the main office (sponsoring school or institution).
(f) To recommend the capitalization or distribution of the surplus to the general assembly of members according to the provisions of the law.
(g) To notify members of the holding of assemblies and to inform them of the proposed amendments to the bylaws.
(h) To establish the sponsoring entity and the school community’s donation policy.
(i) To appoint an education committee of not less than three (3) and not more than seven (7) persons the majority of which, do not hold elective posts.
(j) If deemed necessary, to appoint or supervise a manager who shall have the power, duties and responsibilities assigned by the Board of Directors.
(k) To establish the employees’ rules and salary.
(l) To hire external accountants to audit accounts, perform accounting functions and to make the corresponding recommendations to the Board.
(m) If necessary, to authorize the hiring of other professional services.
(n) To provide protection to the cooperative against robbery, fraud and other insurable losses.
(o) To submit an annual report on cooperative matters to the Administrator of the Cooperative Development Administration, Cooperative Inspector, and the Department of Education, within one hundred twenty (120) days following the closing of the fiscal year.
(p) To meet at least once a month, and prepare minutes which must be signed by all the directors present.
(q) To attend meetings and official acts and to faithfully comply with requests from the assembly, the bylaws and articles, and the laws.
(r) To answer for violations of the chapter, the articles and bylaws. A director can only be exempt from liability by recording his dissenting vote in the minutes.
(s) To coordinate meetings with the committees to harmonize activities or to solve situations.
(t) To assign resources to the supervision and education committees to comply with the work plans.
History —Aug. 29, 2002, No. 220, § 10.4.